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Messages - NoGoodDeed

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General Prosper Discussion / Re: Prosper Funding LLC Approved by the SEC
« on: February 01, 2013, 01:49:42 PM »
"Perceived" irrational vitriol?...........I'm guessing it's more than just a perception. More like part of the DNA over there  :)

Well speaking of DNA, Prosper has a new Board now (as everybody knows).
Complaints about how Prosper used to be run appears to have some justification.


Here's a little insight about how Prosper's lenders/supporters who literally sat elbow-to-elbow with Prosper CEO Chris Larsen turned so antagonistic.  Written by a regular.

Nice conclusion there in view of recent changes:
If I were one of the VCs considering an investment, I'd be lookin' to replace Chris Larsen.

Written in 2009!  :o

We've gotten off-topic.  But I didn't bring up   :)

Investors - P / Re: Class action lawsuit
« on: January 23, 2013, 10:40:12 AM »
Anyway, we will find out more in a couple of weeks.

Fast-forward more than a couple weeks.
What happened that you were referring to?  The funding?

Investors - P / Re: Class action lawsuit
« on: January 23, 2013, 10:36:35 AM »
And for the record, I have never hidden the fact that I make money from referring people to Prosper as well as Lending Club. I also never pretend to be completely impartial. I am bullish on p2p lending and I want to see a thriving industry. Do I put a positive spin on things? That is my nature so I can certainly be accused of that. But I never try to mislead anybody nor do I withhold information that I think would be important for my readers to know.

And that's all fine.  I mean, there's nothing wrong with being a fan of the p2p lending industry nor making money at it.

But it'd be a mistake to not recognize that there's therefore emotional and financial incentive to disparage ANYbody who says ANYthing bearish as being from a group of rabid haters:
... NoGoodDeed and others. They come from the forum and have a hatred of Prosper that is truly quite staggering.

... hence my sig.

I also never pretend to be completely impartial.

Mostly true.  But without complete impartiality, I'm not seeing how you can then achieve your goal "to be the number one resource for this burgeoning peer-to-peer lending industry."   It may make sense to re-jigger this part of the "About" page so that your readership doesn't take this to mean - despite disclaimers elsewhere on that page - that there's complete impartiality.

So, in conclusion, I'm inclined to ignore anything NoGoodDeed says unless hearing about what (s)he has to gain from the conversation.

ad ho·mi·nem adjective \(ˈ)ad-ˈhä-mə-ˌnem, -nəm\
marked by or being an attack on an opponent's character rather than by an answer to the contentions made

The task of making myself worthy in the eyes of everybody here isn't something I'll embark on as it'd be never-ending and in any case, it wouldn't really change anything.   I leave the onlookers to filter out whatever part of any of my posts they view as irrational - and, should they choose, take note of what's left.

General Prosper Discussion / Re: Prosper Funding LLC Approved by the SEC
« on: January 17, 2013, 01:08:27 PM »
Thanks Peter!  Keep up the good work, and just remember that for every "NoGoodDeed" commenter who hassles you, there are many more of us who rely on your site for timely and insightful information.  It is very much appreciated!

Thanks, I appreciate your kind words. I am not too bothered by NoGoodDeed and others. They come from the forum and have a hatred of Prosper that is truly quite staggering. They also have a vested interest in seeing Prosper fail.

I'm of the assumption that onlookers - especially participants here -  have the wherewithal to screen out the perceived irrational vitriol at and find merit in what remains.

Investors - P / Re: Class action lawsuit
« on: January 17, 2013, 12:58:36 PM »
My opinion is rather meaningless.  But since you flatter me with the question, I'll throw a lengthy reply at you...

1) The trajectory of the lawsuit over the past 4+ years in the plaintiff's favor is unlikely to change.  (Peter appears to have confidential sources.  But I ask you, if a source keeps himself confidential, does that then make him more reliable??)  Prosper will be forced to settle.  It'll be painful.  Will it kill Prosper?  I don't know.  The lawsuit has been successful holding the key (deep-pocketed) individuals responsible, and I don't know who will be made to pay what.  ira01 seems in a position to have more insight here, maybe.

2) Funded Prosper listings have taken a recent downturn.

3) Employee turnover at the company seems awfully high (and fwiw, nobody from Prosper has been participating in this forum for quite some time now).

4) Cash: Prosper's cash burn rate has GOT to be a huge concern.  And although they had an insurance policy to protect (somewhat?) against lawsuits, it's been fully paid and I think Prosper used up much of that money to launch a promotion, IIRC.   Meanwhile, I don't know when VC monies will dry up.  There may or may not be another round or two.  But there'll need to come a point soon where Prosper will need to present something brand new - if not completely re-invent itself - if they are to keep VCs supplied with hopium.

For recent Prosper lenders, meanwhile, they're doing fine ROI-wise.  But looking at these issues Prosper execs are facing there at Sutter Street, we see the company is basically on life support.

Is Prosper likely to go under this year?  Historically, the VC's willingness to continue to throw money at Prosper always has me befuddled.  So I don't feel comfortable giving a definite "yes".  But perhaps the answer will prove to be more complicated than "yes" or "no".  Rather, we may find that Prosper still exists 2 or 3 years from now, but in a form that has little resemblance to what it is today.

The next question, I suppose, is: should Prosper lenders worry?  I'm not sure that they do.  The concern that borrower's repayments would go to creditors (instead of lenders) should Prosper declare bankruptcy seems to have been recently addressed with their new remote bankruptcy vehicle, Prosper Funding, LLC.   There remain older concerns, however.  Off the top of my head: 1) Little transparency on the collections front, and Prosper not filing any claim if a borrower declares bankruptcy and 2) the lender agreements commit lenders to any modifications of the agreement whether the lenders sign the modded agreements or not.  As of this writing, a lender seems to be preparing to take the issue of Prosper's lack of performing its fiduciary duties to Small Claims court.

Investors - P / Re: Listings are way down
« on: January 17, 2013, 11:06:36 AM »
There at nicklesteamroller, an attractive chart showing monthly loan amount:

And shows the same story vis-a-vis funded Prosper listings.

Investors - P / Re: Class action lawsuit
« on: January 17, 2013, 10:40:51 AM »
I will be covering this news on the blog probably next week.

(Fast-forward a week.)
Or maybe the week after that, I gather?  This news would be a month old by then.

Maybe it's just me, but the upbeat P2P lending news appears to reach the LendAcademy community more quickly than this.

But back to the lawsuit, a few more setbacks:

Investors - P / Re: Class action lawsuit
« on: January 08, 2013, 04:57:20 PM »
I am fully aware of the resignations ...

OK.  But could you help direct me to where you informed the LendAcademy community of this string of resignations?  Or is there a reason not to mention it...

Investors - P / Re: Class action lawsuit
« on: January 08, 2013, 04:33:24 PM »
Prosper's David Silverman - resigned effective 12/20/12.
... Larry Cheng - resigned eff 12/22/12.
... Jeffrey Jacobs - resigned eff 12/17/12.
... James Catlin - resigned eff 12/13/12.

I gather they don't see any silver lining in Prosper's dark clouds.
...the same clouds which persisted over Rajeev V. Date after he left Prosper for the CFPB.

Plus, of course, co-founder Witchel is long gone, co-founder Larsen resigned as Pres. and CEO last March, and James Breyer resigned last June.

At this point, I can't fault anybody who might wonder if your steadfastly confident resources aren't a bit biased.

Investors - P / Re: Class action lawsuit
« on: November 29, 2012, 12:32:22 PM »
Wasn't asking for details, though.  Sorry I wasn't clearer than I was on that in my most recent post.
So I think my Qs remain open.

Or at the VERY least: isn't it reasonable for the casual observer to assume, based on public facts, that ordering the class notices to go out affects the odds of a successful lawsuit?

Investors - P / Re: Class action lawsuit
« on: November 29, 2012, 09:38:03 AM »
I have had more communication but nothing I can share publicly I am afraid.

OK, but if you've gotten the sense that the lawsuit is less "unlikely" to succeed now than 6 months ago, would that be something you'd need to withhold from your readership too?

If yes, wouldn't you still be able to agree that the earlier analysis (that the lawsuit is unlikely to succeed) is at least perishable information - especially in light of the class notices which were since ordered to go out?

Investors - P / Re: How Can Prosper Improve for Investors?
« on: November 28, 2012, 11:20:44 AM »
Alas, the OP, GM, hasn't logged into this forum since February.
I think this leaves Prosper without any direct involvement in these forums.

Investors - P / Re: Class action lawsuit
« on: November 28, 2012, 11:11:35 AM »
I am going to do some digging this week and see if I can find out some more.

Fast-forward 5+ months.
Any more communication with said "investors"?

Introductions / Re: Looking forward to some great discussions
« on: July 20, 2012, 10:02:11 AM »
We are happy to participate.  In fact, our CEO, Chris Larsen, is now signed up on this forum as well and has already posted a note.

He stepped down as CEO.  Will/did CEO Dawn Lepore drop in?

I have reached out to new CEO Dawn Lepore but have not heard back from her as of yet.

Fast-forward a month...  any update?

Just as an aside, Glenn ("GM") is now a part-time consultant with Prosper, according to his post in another Prosper-related forum.

Investors - P / Re: Class action lawsuit
« on: June 12, 2012, 07:27:31 AM »
That is a fair question...

With that reply, we know that the opinion ("...I have been told by several people that it has very little merit and will not succeed") you've relayed to your readership predates the recent progress in the lawsuit.

And with the recent progress, it's reasonable to assume that there's a good possibility these "significant" investors have dutifully adjusted their assessments of Prosper and the shelf life of the lawsuit-will-not-succeed assessment may have expired with last month's court ordered Class notifications.

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